Business
FIRS Orders Banks to Close All Unauthorised Tax Collection Accounts
The Federal Inland Revenue Service (FIRS) has directed banks to immediately identify and close any FIRS tax and levy collection accounts not authorized under the TaxPro Max system.
The FIRS Chairman, Zacch Adedeji, in the entitled Directive to Close Unauthorised FIRS Tax Collection Accounts,’ said “effectively immediately, all tax and levy collections on behalf of FIRS must be processed exclusively under an assessment raised on the TaxPro Max platform.
The TaxPro Max is a homegrown tax administration platform that facilitates tax-related activities, including registration, filing, payment, and issuance of tax clearance certificates, among others .
The decision was part of the ongoing efforts to boost efficiency and transparency in tax collection as well as ensure uniformity and seamless reconciliation of tax payments.
It said : ” All banks participating in the FIRS Collection, Remittance and Reconciliation Scheme are hereby advised to comply with this directive within the stipulated period.
“We count on your cooperation to ensure a smooth transition to this centralised system, thereby contributing to a more transparent and efficient tax collection process.”
FIRS urged taxpayers and other stakeholders to reach out to the Revenue Accounting and Refund Department (RAAD) in FIRS for any clarifications or support regarding the directive.”
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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